{"id":69882,"date":"2023-03-30T00:00:00","date_gmt":"2023-03-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/03\/30\/bp-adnoc-bid-for-israels-newmed-could-be-good-for-egypt-plus-bahraini-businesses-can-soon-pay-customs-duties-online\/"},"modified":"2023-03-30T00:00:00","modified_gmt":"2023-03-30T00:00:00","slug":"bp-adnoc-bid-for-israels-newmed-could-be-good-for-egypt-plus-bahraini-businesses-can-soon-pay-customs-duties-online","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/03\/30\/bp-adnoc-bid-for-israels-newmed-could-be-good-for-egypt-plus-bahraini-businesses-can-soon-pay-customs-duties-online\/","title":{"rendered":"BP + Adnoc bid for Israel\u2019s NewMed could be good for Egypt. PLUS: Bahraini businesses can soon pay customs duties online"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt\u2019s energy hub plans might get a shot in the arm: <\/span><span style=\"\">Energy giants <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bp.com\/\" style=\"\">BP<\/a><\/span><span style=\"\">and<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adnoc.ae\/\" style=\"\">Abu Dhabi National Oil Company (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adnoc.ae\/\" style=\"\">Adnoc)<\/a><\/span><span> have submitted a USD 2 bn non-binding offer to acquire 50% of Israel\u2019s NewMed Energy, NewMed said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/New%252520Med%252520disclosure%252520BP%252520Adnoc_586.pdf\" style=\"\">a disclosure (pdf)<\/a><\/span><span> to the Tel Aviv stock exchange.<\/span><span> The transaction would make NewMed a 50-50 partnership between the consortium and Israel\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.delek-group.com\/\" style=\"\">Delek Group<\/a><\/span><span>. NewMed CEO Yossi Abu told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/deals\/adnoc-bp-bids-interest-israels-newmed-energy-2023-03-28\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> the transaction is \u201ca sign of confidence in the East Med becoming a major supplier of gas to Europe.\u201d <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background:<\/span><span style=\"font-weight:400;\"> Egypt aims to increase LNG exports by 40% by 2025, and already has an agreement in place with Israel and the EU to boost exports. NewMed plans to increase production from Leviathan by 75%, with some of the production earmarked for Egypt's LNG plants. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">One development could hinder Egypt\u2019s ambitions:<\/span><span style=\"font-weight:400;\"> NewMed also has plans to build a floating LNG terminal that would allow direct export to the EU to bypass Egypt\u2019s processing plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Businesses can soon pay customs duties and VAT on Bahrain\u2019s <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.iga.gov.bh\/en\/\" style=\"\">Information<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.iga.gov.bh\/en\/\" style=\"\">and eGovernment Authority<\/a><\/span><span style=\"font-weight:700\"> app, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/apps.bahrain.bh\/CMSWebApplication\/action\/ShowAppDetailsAction?selectedAppID%3D341%26appLanguage%3Den\" style=\"\">AlTajir<\/a><\/span><span>, next month<\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3KhNVnf\" style=\"\">Alayam<\/a><\/span><span> quotes<\/span><span> Zakaria Al Khaja, deputy <\/span><span>CEO at the country\u2019s Information and Electronic Government Authority,<\/span><span> as saying. The features will be added to the app, which provides e-services to businesses. <\/span><span style=\"font-weight:400;\">Since its launch in November, some 9k users have downloaded the app, most of whom are merchants, businesses, and entrepreneurs, Al Khaja told Alayam.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ALSO WORTH NOTING- <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">UAE vessel operator and oil supplier <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.gmsplc.com\/\" style=\"\">Gulf Marine Services<\/a><\/span><span style=\"font-weight:700\"> (GMS) was <\/span><span style=\"font-weight:700\">awarded two new contracts<\/span><span> for one of its vessels in the GCC, with the first contract commencing at the end of 1Q 2023, and the second at the start of 3Q 2022, spanning a cumulative period of 272 days. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/gulf-marine-services-plc-has-two-new-contract-awards-rczvzln6\" style=\"\">Press release<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">Bahrain's <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.gulfair.com\/\" style=\"\">Gulf Air<\/a><\/span><span style=\"font-weight:700\"> has launched its newest destination to Goa in India, from <\/span><span style=\"font-weight:700\">Bahrain International Airport<\/span><span>, helping strengthen \u201c<\/span><span>tourism, business, and trade exchange\u201d between the two countries. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/gulf-air-celebrates-the-launch-of-its-newest-destination-goa-bsdj9vyv\" style=\"\">Press release<\/a><\/span><span>) <\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s energy hub plans might get a shot in the arm: Energy giants BPandAbu Dhabi National Oil Company (Adnoc) have submitted a USD 2 bn non-binding offer to acquire 50% of Israel\u2019s NewMed Energy, NewMed said in a disclosure (pdf) to the Tel Aviv stock exchange. The transaction would make NewMed a 50-50 partnership between [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":69883,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[63],"tags":[183,62,800,193,49,79,17,186],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-69882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adnoc","tag-also-on-our-radar","tag-bp","tag-customs","tag-egypt","tag-energy","tag-enterprise-logistics","tag-israel","wpautop","entry"],"acf":{"mongo_id":"d176c1c6-47c8-4c02-9e8f-9015f81b5499","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/653.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[69865],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.03119354-2c5b-4fbe-8f82-a12bfdf4ae38.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BP + Adnoc bid for Israel\u2019s NewMed could be good for Egypt. 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